How the Federal Reserve reacts to economic activity has significant implications for the way the economy behaves. Yet the importance of these responses has received limited attention in the economic literature. Much of the literature devoted to the economic effects of monetary policy concentrates on the impact of random monetary policy shocks. By contrast, the author analyzes the economic consequences of the systematic behavior of the monetary authority.
Our Research Focus: Inflation and Monetary Policy
To receive a notification by email when Economic Quarterly is posted online or to order single copies of past issues, click on the links below (published online only since 2012).